for a companion; I was about to drag a solitary wretched existence, at the bottom of some dungeon, until the very moment when they would think it desirable to dispatch me! These reflections, and a thousand others of the same nature, coupled with the excessive pain my leg occasioned me, completed the anguish of my situation."

Under these tortures he was cruelly subjected to an interrogatory. In the morning his leg was set; and he learned the generous sacrifice of his own personal liberty which had been made by the noble-minded Beaujolais; who no sooner heard of his brother's misfortune and recapture, than he voluntarily surrendered himself, and returned to confinement in order that he might attend upon him. In the most excruciating agony the Duke of Montpensier was once more carried back to his prison, and such was the inhumanity of the commandant that he refused him a surgeon during the whole of the first night.

It was not until October, 1796, that the release of these Princes was permitted by the Directory; and it was then only obtained by a stipulation that the Duke of Orleans as well as themselves should embark for America. At the earnest request of his mother, he unhesitatingly consented to this hard measure. The Duchess had been unwearied in her endeavours to procure the freedom of her sons. Her own life had been wonderfully preserved during the reign of terror. In September, 1793, by virtue of a law concerning the suspected, she was committed to the Luxembourg. In June, 1794, Madame Elizabeth had mounted the scaffold, and the Duchess of Orleans was ordered to be transferred to the Conciergerie, the usual step preparatory to execution. The fidelity of an obscure individual, the keeper of the Luxembourg, (his name deserves record, it was Benoit) saved the Princess. He stated that she was too ill to be removed, and he refused to deliver her to the agents of the Committee of Public Safety. Her life was owing to this act of courage, but she was doomed to bitter humiliation; for in order to aggravate the bitterness of her confinement, a common prostitute was ordered to partake of her cell. The overthrow of the Terrorists restored her to partial liberty, and she then enerted herself unceasingly in behalf of her children.

The narrative terminates with the landing of the Duke of Montpensier in the United States. The generous demeanour of General Willot, who softened the rigour of the latter days of their confinement, and conducted the particulars of their release with singular delicacy, must not be forgotten. Little more is to be added to this history. Till the close of 1797

the three brothers continued to reside in America in comparative comfort: although even then, they who had been born the heirs of the richest house in Europe, were at one time unable, for want of money, to quit Philadelphia, in which the yellow fever was raging. In 1809 they determined to seek an asylum in England, and on their arrival, they fixed their principal residence at Twickenham. The Duke of Montpensier successfully turned his attention to painting, in which art he shewed considerable skill. Several of his works still exist, and some of them are records of his captivity. A pulmonary attack, of which he had long exhibited symptoms, terminated his existence in the year 1817, and his remains were consigned to Westminster Abbey. The Comte de Beaujolais died in the year following at Malta, of a similar complaint.

ART. VII. Plan for the Establishment of a National Bank. By the late David Ricardo, Esq. M.P. 8vo. 32 pp. 2s. 6d. Murray. 1824.

POSTHUMOUS publications are dangerous things. If the fame of the writer has been established during his life, that fame may be impaired by the appearance of an insignificant or imperfect work. And where literary merit has remained unknown until the claimant ceased to breathe, the chances are that he has not much to claim.

Mr. Ricardo is notoriously in the first of these situations, and we doubt whether he has escaped its perils. His character as a political economist stood higher than that of any contemporary. His theory, whether true or false, was making its way into general favour and his practical suggestions were often adopted, always attended to and respected. It was natural that such a person should turn bis mind to the impor tant subject of Banking, and whatever his opinions might be, the public would listen to them with respect. But when those opinions were hastily thrown into the shape of a pamphlet, perused and partially objected to by a member of his family, and left by his sudden death in an unfinished state, we are not sure that it was prudent to communicate them to the public. The reader shall be introduced without further ceremony to the work, and enabled to judge for himself. The loss sustained under the existing system is pointed out in the clearest manner.

The public, or the government on behalf of the public, is indebted to the Bank in a sum of money larger than the whole amount of bank notes in circulation; for the government not only owes the Bank fifteen millions, its original capital, which is lent at three per cent. interest, but also many more millions, which are advanced on Exchequer bills, on half-pay and pension annuities, and on other securities. It is evident, therefore, that if the government itself were to be the sole issuer of paper money, instead of borrowing it of the Bank, the only difference would be with respect to the interest; the Bank would no longer receive interest, and the government would no longer pay it; but all other classes in the community would b exactly in the same position in which they now stand. It is evident too, that there would be just as much money in circulation; for it could make no difference, in that respect, whether the sixteen millions of paper money now circulating in London, were issued by government, or by a banking corporation. The merchants could suffer no inconvenience from any want of facility in getting the usual advances made to them, in the way of discount, or in any other manner; for, first, the amount of those advances must essentially depend upon the amount of money in circulation, and that would be just the same as before: and, secondly, of the amount in circulation, the Bank would have precisely the same proportion, neither less nor more, to lend to the merchants." P. 2.

"It may however be said, that, if the Bank were deprived of that part of its business which consists in issuing paper money, it would have no motive to continue a joint stock company, and would agree on a dissolution of its partnership. I believe no such thing; it would still have profitable means of employing its own funds: but suppose I am wrong, and that the company were dissolved, what inconvenience would commerce sustain from it? - If the joint stock of the company be managed by a few directors, chosen by the general body of proprietors; or if it be divided amongst the proprietors themselves, and each share be managed by the individual to whom it belongs, will that make any difference in its real amount, or in the efficacy with which it may be employed for commercial purposes? It is probable that in no case would it be managed by the individual proprietors, but that it would be collected in a mass or masses, and managed with much more economy and skill than it is now managed by the Bank. A great deal too much stress has always been laid on the benefits which commerce derives from the accommodation afforded to merchants by the Bank, I believe it to be quite insignificant compared with that which is afforded by the private funds of individuals. We know that at the present moment the advances by the Bank to merchants, on discount, are of a very trifling amount; and we have abundant evidence to prove, that at no time have they been great." P. 5.

"If the view which I have taken of this subject be a correct one, it appears that the commerce of the country would not be in the least impeded by depriving the Bank of England of the power of issuing paper money, provided an amount of such money, equal to the Bank circulation, was issued by government: and that the sole effect of depriving the Bank of this privilege, would be to transfer the profit which accrues from the interest of the money so issued from the Bank, to government." P. 10.

This is an outline of the inconvenience to be removed, and we believe that it is capable of being filled up in such a manner as will render it altogether unanswerable. That in the dealings between the Bank and the public, the former has been an immense gainer, and the latter a proportionate loser, is a proposition which it is hardly possible to dispute. Go vernment must alter the terms of the bargain, and at no very distant day; but whether Mr. Ricardo's plan is the proper succedaneum, is a question upon which we entertain consi derable doubts.

"I would propose, then, some such plan as the following, for the establishment of a National Bank.

"1. Five commissioners shall be appointed, in whom the full power of issuing all the paper money of the country shall be exclusively vested.

"2. On the expiration of the charter of the Bank of England, in 1833, the commissioners shall issue fifteen millions of paper money, the amount of the capital of the Bank, lent to government, with which that debt shall be discharged. From that time the annual interest of 3 per cent. shall cease and determine.

"3. On the same day, ten millions of paper money shall be employed by the commissioners in the following manner. With such parts of that sum as they may think expedient, they shall purchase gold bullion of the Bank, or of other persons; and with the remainder, within six months from the day above mentioned, they shall redeem a part of the government debt to the Bank, on exchequer bills. The exchequer bills, so redeemed, shall thereafter remain at the disposal of the commissioners.

4. The Bank shall be obliged, with as little delay as conve nient after the expiration of its charter, to redeem all its notes in circulation, by the payment of them in the new notes issued by go vernment. It shall not pay them in gold, but shall be obliged to keep always a reserve of the new notes, equal in amount to its own notes, which may remain in circulation.

5. The notes of the Bank of England shall be current, for six months after the expiration of the Bank charter, after which they shall no longer be received by government in payment of the re

venue.

6. Within six months after the expiration of the Bank char

ter, the notes of the country banks shall cease to circulate, and the different banks, which shall have issued them, shall be under the same obligation as the Bank of England to pay them in government notes. They shall have the privilege of paying their notes in gold coin, if they prefer so to do.

"7. For the greater security of the holders of government notes, residing in the country, there shall be agents in the different towns, who shall be obliged, on demand, to verify the genuineness of the notes, by affixing their signatures to them, after which, such notes shall be exchangeable only in the district where they are so signed.

8. Notes issued in one district, or bearing the signature of an agent in one district, shall not be payable in any other; but on the deposit of any number of notes, in the office of the district where they were originally issued, or where they were signed, agreeably to the last regulation, a bill may be obtained, on any other district, payable in the notes of that district.

9. Notes issued in the country shall not be payable in coin in the country; but for such notes a bill may be obtained in London, which will be paid in coin, or in London notes, at the option of the party presenting the bill in London.

"10. Any one depositing coin, or London notes, in the London office, may obtain a bill payable in the notes of any other district, to be named at the time of obtaining the bill. And any one depositing coin in the London office may obtain London notes to an equal amount.

11. The commissioners in London shall be obliged to buy any quantity of gold of standard fineness, and exceeding one hundred ounces in weight, that may be offered them, at a price not less than 31. 17s. 6d. per oz.

"12. From the moment of the establishment of the National Bank, the commissioners shall be obliged to pay their notes and bills, on demand, in gold coin...

- 13. Notes of one pound shall be issued at the first establishment of the National Bank, and shall be given to any one requir ing them in exchange for notes of a larger amount, if the person presenting them prefer such notes to coin. This regulation to continue in force only for one year, as far as regards London, but to be a perminent one in all the country districts..

14. It must be well understood, that in

gents will neither be liable to give notes Country districts the

notes.

for coin, nor coin for

15. The commissioners shall act as the general banker to all the public departments, in the same manner as the Bank of England now acts; but they shall be precluded from fulfilling the same office, either to any corporation, or to any individual whatever." P. 150

R

391

For one obvious defect in this scheme, namely, the diffi culty which would be experienced in the country from the